ESD board approves funding for projects to leverage more than $240 million in investments creating, retaining hundreds of jobs across New York

by jmaloni

Submitted

Thu, Oct 17th 2013 06:40 pm

Empire
State Development's board of directors met today in New York City and approved
$6.1 million in funding for projects that will create more than 70 new jobs and
retain nearly 300 jobs throughout the Empire State. This funding will leverage more
than $244 million in additional investments to support business growth and lay
the groundwork for future economic growth and job creation.

"The
funds approved by the board today support projects that are creating and
retaining hundreds of jobs and helping to further grow our economy," said
Empire State Development President, CEO and Commissioner Kenneth Adams. "Thanks
to Gov. Cuomo's leadership and commitment to a business-friendly environment,
the Regional Councils are reaching new heights and we look forward to their
continued efforts that have a real impact in our communities throughout the
state"

Farm
Credit East, a financial service cooperative for the northeast agriculture
industry with a client base of more than 13,000 and 415 employees at 19
locations, is the largest lender to agriculture in New York state, providing
loans to capitalize agriculture business. The $1 million ESD grant will be used
to establish an agriculture development program in various locations in Erie, Niagara,
Allegany, Cattaraugus and Chautauqua counties by March 2015. The project will
be similar to the USDA Rural Development "Value Added Producer Grant" program,
but will allow grant funding for capital expenditures. The program is expected
to retain and expand agricultural activity, increase access to locally grown
products, retain and create jobs, and create stronger rural communities that
will benefit from agricultural economic development.

The
Hauptman Woodward Medical Research Institute is a Buffalo biomedical research
facility that is part of the world-class consortium of research, clinical and
educational institutions known as the Buffalo-Niagara Medical Campus. HWI uses
structural biology to create and utilize three-dimensional models of molecules
to assist in advancing drug designs. An ESD grant of up to $500,000 will go
toward the expansion of the High Throughput Crystallization Laboratory,
expected to be completed in December 2014. The project includes infrastructure
improvements, the addition of new machinery and equipment, and supplies and
materials, among other activities required for success. This expansion of the
HWI involves the creation of 10 high-paying jobs by January 2016 and the
retention of 45 jobs. Upon completion of this project, HWI expects to expand
its sample processing by 50 percent, and increase its income by 100 percent
within three years.